Search results for: Cement price

Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: Exchange traded products, financial market, investment, stock exchange.

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Authors: Bundit Pungnirund

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This research aimed to investigate the relationship between attitude towards marketing mix, brand image and consumer behavior of the passengers of low-cost airlines service. This study employed by quantitative research and the questionnaire was used to collect the data from 400 sampled of the passengers who have ever used the low-cost airline services based in Bangkok, Thailand. The descriptive statistics and Pearson’s correlation analysis were used to analyze data. The research results revealed that the attitude of the marketing mix of the low-cost airline services including product, price, place, promotion and process had related to the consumer behavior on the aspects of duration of service and frequency of service. While, the brand image of the low cost airline including the characteristics of organization, service quality and company identity had related to the consumer behavior on duration of service, frequency of service and cost of service at the significant statistically acceptable levels.

Keywords: Brand image, consumer behavior, low-cost airlines, marketing mix.

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Authors: M. Zelinkova, M. Ondova

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Fly ash (FA) thanks to the significant presence of SiO2 and Al2O3 as the main components is a potential raw material for geopolymers production. Mechanical activation is a method for improving FA reactivity and also the porosity of final mixture; those parameters can be analysed through sorption properties. They have direct impact on the durability of fly ash based geopolymer mortars. In the paper, effect of FA fineness on sorption properties of geopolymers based on sodium silicate, as well as relationship between fly ash fineness and apparent density, compressive and flexural strength of geopolymers are presented. The best results in the evaluated area reached the sample H1, which contents the highest portion of particle under 20μm (100% of GFA). The interdependence of individual tested properties was confirmed for geopolymer mixtures corresponding to those in the cement based mixtures: higher is portion of fine particles < 20μm, higher is strength, density and lower are sorption properties. The compressive strength as well as sorption parameters of the geopolymer can be reasonably controlled by grinding process and also ensured by the higher share of fine particle (to 20μm) in total mass of the material.

Keywords: Alkali activation, geopolymers, fly ash, particle fineness.

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management, Sharpe ratio, value at risk.

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Authors: Mona Elsalamawy, Ashraf Ragab Mohamed, Abdellatif Elsayed Abosen

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This paper aims to evaluate the effectiveness of different crystalline coating materials concerning of chloride ions penetration. The concrete ages at the coating installation and its moisture conditions were addressed; where, these two factors may play a dominant role for the effectiveness of the used materials. Rapid chloride ions penetration test (RCPT) was conducted at different ages and moisture conditions according to the relevant standard. In addition, the contaminated area and the penetration depth of the chloride ions were investigated immediately after the RCPT test using chemical identifier, 0.1 M silver nitrate AgNO₃ solution. Results have shown that, the very low chloride ions penetrability, for the studied crystallization materials, were investigated only with the old age concrete (G1). The significant reduction in chloride ions’ penetrability was illustrated after 7 days of installing the crystalline coating layers. Using imageJ is more reliable to describe the contaminated area of chloride ions, where the distribution of aggregate and heterogeneous of cement mortar was considered in the images analysis.

Keywords: Chloride permeability, contaminated area, crystalline waterproofing materials, RCPT, XRD.

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Authors: Jovana Petrović, Ivana Lončarević, Vesna Tumbas Šaponjac, Biljana Pajin, Danica Zarić

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Pomace, a by-product from fruit processing industry is the potential source of valuable bioactive. Cookies are popular, ready to eat and low price foods; therefore, enrichment of these products is of great importance. In this work, bioactive compounds extracted from cherry pomace, encapsulated in soy and whey proteins, have been incorporated in cookies, replacing 10 (SP10 and WP10) and 15% of wheat flour (SP15 and WP15). Cookie geometry (diameter (D), thickness (T) and spread ratio (D/T)), cookie weight, cookie hardness and cookie surface colour were measured. Sensory characteristics are also examined. The results show that encapsulated cherry pomace bioactives have positively influenced the cookie mass. Diameter, redness (a* value) and cookie hardness increased. Sensory evaluation of cookies, revealed that up to 15% substitution of wheat flour with WP encapsulate produced acceptable cookies similar to the control (100% wheat flour) cookies.

Keywords: Cherry pomace, polyphenols, microencapsulation, cookies, physical characteristics.

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Authors: Rashad Al Araj, Adil K. Tamimi

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Concrete, despite being one of the most produced materials in the world, still has weaknesses and drawbacks. Significant concern of the cementitious materials in structural applications is their quasi-brittle behavior, which causes the material to crack and lose its durability. One of the very recently proposed mitigations for this problem is the implementation of nanotechnology in the concrete mix by adding carbon nanotubes (CNTs) to it. CNTs can enhance the critical mechanical properties of concrete as a structural material. Thus, this paper demonstrates a state-of-the-art review of reinforcing concrete with CNTs, emphasizing on the structural performance. It also goes over the properties of CNTs alone, the present methods and costs associated with producing them, the possible special applications of concretes reinforced with CNTs, the key challenges and drawbacks that this new technology still encounters, and the most reliable practices and methodologies to produce CNT-reinforced concrete in the lab. This work has shown that the addition of CNTs to the concrete mix in percentages as low as 0.25% weight of cement could increase the flexural strength and toughness of concrete by more than 45% and 25%, respectively, and enhance other durability-related properties, given that an effective dispersion of CNTs in the cementitious mix is achieved. Since nano reinforcement for cementitious materials is a new technology, many challenges have to be tackled before it becomes practiced at the mass level.

Keywords: Sustainability, carbon nanotube, microsilica, concrete.

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Authors: Ho-Jun Jo, Wook-Won Kim, Yong-Sung Kim, Jin-O Kim

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The application of ESS (Energy Storage Systems) in the future grids has been the solution of the microgrid. However, high investment costs necessitate accurate modeling and control strategy of ESS to justify its economic viability and further underutilization. Therefore, the reasonable control strategy for ESS which is subjected to generator and usage helps to curtail the cost of investment and operation costs. The rated frequency in power system is decreased when the load is increasing unexpectedly; hence the thermal power is operated at the capacity of only its 95% for the Governor Free (GF) to adjust the frequency as reserve (5%) in practice. The ESS can be utilized with governor at the same time for the frequency response due to characteristic of its fast response speed and moreover, the cost of ESS is declined rapidly to the reasonable price. This paper presents the ESS control strategy to extend usage of the ESS taken account into governor’s ramp rate and reduce the governor’s intervention as well. All results in this paper are simulated by MATLAB.

Keywords: Micro grid, energy storage systems, ramp rate, control strategy.

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Authors: Mohd K. Yunus, Murni M. Ahmad, Abrar Inayat, Suzana Yusup

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Due to the environmental and price issues of current energy crisis, scientists and technologists around the globe are intensively searching for new environmentally less-impact form of clean energy that will reduce the high dependency on fossil fuel. Particularly hydrogen can be produced from biomass via thermochemical processes including pyrolysis and gasification due to the economic advantage and can be further enhanced through in-situ carbon dioxide removal using calcium oxide. This work focuses on the synthesis and development of the flowsheet for the enhanced biomass gasification process in PETRONAS-s iCON process simulation software. This hydrogen prediction model is conducted at operating temperature between 600 to 1000oC at atmospheric pressure. Effects of temperature, steam-to-biomass ratio and adsorbent-to-biomass ratio were studied and 0.85 mol fraction of hydrogen is predicted in the product gas. Comparisons of the results are also made with experimental data from literature. The preliminary economic potential of developed system is RM 12.57 x 106 which equivalent to USD 3.77 x 106 annually shows economic viability of this process.

Keywords: Biomass, Gasification, Hydrogen, iCON.

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Authors: Ijeoma Chinyere Ukonu

Abstract:

This research seeks to investigate how the globalisation of fast food has affected students’ food choice. A mixed method approach was used in this research; basically involving quantitative and qualitative methods. The quantitative method uses a self-completion questionnaire to randomly sample one hundred and four students; while the qualitative method uses a semi structured interview technique to survey four students on their knowledge and choice to consume fast food. A cross tabulation of variables and the Kruskal Wallis nonparametric test were used to analyse the quantitative data; while the qualitative data was analysed through deduction of themes, and trends from the interview transcribe. The findings revealed that globalisation has amplified the evolution of fast food, popularising it among students. Its global presence has affected students’ food choice and preference. Price, convenience, taste, and peer influence are some of the major factors affecting students’ choice of fast food. Though, students are familiar with the health effect of fast food and the significance of using food information labels for healthy choice making, their preference of fast food is more than homemade food.

Keywords: Fast food, food choice, globalisation, students.

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Authors: Charles Mbohwa, Alexander Mudiwakure

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This paper reviews designs of the built environment from a sustainability perspective, emphasizing their importance in achieving ecological and sustainable economic objectives. The built environment has traditionally resulted in loss of biodiversity, extinction of some species, climate change, excessive water use, land degradation, space depletion, waste accumulation, energy consumption and environmental pollution. Materials used like plastics, metals, bricks, concrete, cement, natural aggregates, glass and plaster have wreaked havoc on the earth´s resources, since they have high levels of embodied energy hence not sustainable. Additional resources are consumed during use and disposal phases. Proposed designs for sustainability solutions include: ecological sanitation and eco-efficiency systems that ensure social, economic, environmental and technical sustainability. Renewable materials and energy systems, passive cooling and heating systems and material and energy reduction, reuse and recycling can improve the sector. These ideas are intended to inform the field of ecological design of the built environment.

Keywords: Ecological and sustainability designs, environmental degradation, ecological sanitation, energy use efficiency.

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Authors: Sewon Kim, Minjun Kwon, Changyeop Lee

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This paper is aimed to study combustion characteristics of low NOx burner using petroleum cokes as fuel. The petroleum coke, which is produced through the oil refining process, is an attractive fuel in terms of its high heating value and low price. But petroleum coke is a challenging fuel because of its low volatile content, high sulfur and nitrogen content, which give rise to undesirable emission characteristics and low ignitability. Therefore, the research and development regarding the petroleum coke burner is needed for applying this industrial system. In this study, combustion and emission characteristics of petroleum cokes burner are experimentally investigated in an industrial steam boiler. The low NOx burner is designed to control fuel and air mixing to achieve staged combustion, which, in turn reduces both flame temperature and oxygen. Air distribution ratio of triple staged air is optimized experimentally. The result showed that NOx concentration is lowest when overfire air is used, and the burner function at a fuel rich condition. That is, the burner is operated at the equivalence ratio of 1.67 and overall equivalence ratio including overfire air is kept 0.87.

Keywords: Petroleum cokes, Staged combustion, Low NOx, Equivalence ratio.

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Authors: C. Sinescu, M. Negrutiu, R. Negru, M. Romînu, A.G. Podoleanu

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The fixed partial dentures are mainly used in the frontal part of the dental arch because of their great esthetics. There are several factors that are associated with the stress state created in ceramic restorations, including: thickness of ceramic layers, mechanical properties of the materials, elastic modulus of the supporting substrate material, direction, magnitude and frequency of applied load, size and location of occlusal contact areas, residual stresses induced by processing or pores, restoration-cement interfacial defects and environmental defects. The purpose of this study is to evaluate the capability of Polarization Sensitive Optical Coherence Tomography (PSOCT) in detection and analysis of possible material defects in metal-ceramic and integral ceramic fixed partial dentures. As a conclusion, it is important to have a non invasive method to investigate fixed partial prostheses before their insertion in the oral cavity in order to satisfy the high stress requirements and the esthetic function.

Keywords: Ceramic Fixed Partial Dentures, Material Defects, Polarization Sensitive Optical Coherence Tomography, Numerical Simulation

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Authors: O. Belalia Douma, B. Boukhatem, M. Ghrici

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Self-compacting concrete (SCC) developed in Japan in the late 80s has enabled the construction industry to reduce demand on the resources, improve the work condition and also reduce the impact of environment by elimination of the need for compaction. Fuzzy logic (FL) approaches has recently been used to model some of the human activities in many areas of civil engineering applications. Especially from these systems in the model experimental studies, very good results have been obtained. In the present study, a model for predicting compressive strength of SCC containing various proportions of fly ash, as partial replacement of cement has been developed by using Fuzzy Inference System (FIS). For the purpose of building this model, a database of experimental data were gathered from the literature and used for training and testing the model. The used data as the inputs of fuzzy logic models are arranged in a format of five parameters that cover the total binder content, fly ash replacement percentage, water content, superplasticizer and age of specimens. The training and testing results in the fuzzy logic model have shown a strong potential for predicting the compressive strength of SCC containing fly ash in the considered range.

Keywords: Self-compacting concrete, fly ash, strength prediction, fuzzy logic.

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Authors: K. Assis, K. P. Chong, A. S. Idris, C. M. Ho

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Oil palm or Elaeis guineensis is considered as the golden crop in Malaysia. But oil palm industry in this country is now facing with the most devastating disease called as Ganoderma Basal Stem Rot disease. The objective of this paper is to analyze the economic loss due to this disease. There were three commercial oil palm sites selected for collecting the required data for economic analysis. Yield parameter used to measure the loss was the total weight of fresh fruit bunch in six months. The predictors include disease severity, change in disease severity, number of infected neighbor palms, age of palm, planting generation, topography, and first order interaction variables. The estimation model of yield loss was identified by using backward elimination based regression method. Diagnostic checking was conducted on the residual of the best yield loss model. The value of mean absolute percentage error (MAPE) was used to measure the forecast performance of the model. The best yield loss model was then used to estimate the economic loss by using the current monthly price of fresh fruit bunch at mill gate.

Keywords: Ganoderma, oil palm, regression model, yield loss, economic loss.

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Authors: M. Yildirim, A. S. Kipcak, F. T. Senberber, M. O. Asensio, E. M. Derun, S. Piskin

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Potassium borates, which are widely used in welding and metal refining industry, as a lubricating oil additive, cement additive, fiberglass additive and insulation compound, are one of the important groups of borate minerals. In this study the production of a potassium borate mineral via hydrothermal method is aimed. The potassium source of potassium nitrate (KNO3) was used along with a sodium source of sodium hydroxide (NaOH) and boron source of boric acid (H3BO3). The constant parameters of reaction temperature and reaction time were determined as 80°C and 1 h, respectively. The molar ratios of 1:1:3 (as KNO3:NaOH:H3BO3), 1:1:4, 1:1:5, 1:1:6 and 1:1:7 were used. Following the synthesis the identifications of the produced products were conducted by X-Ray Diffraction (XRD), Fourier Transform Infrared Spectroscopy (FT-IR) and Raman Spectroscopy. The results of the experiments and analysis showed in the ratio of 1:1:6, the Santite mineral with powder diffraction file number (pdf no.) of 01-072-1688, which is known as potassium pentaborate (KB5O8·4H2O) was synthesized as best.

Keywords: Hydrothermal synthesis, potassium borate, potassium nitrate, santite.

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Authors: Liping Yang, Curran Crawford, Jr. Ren, Zhengyi Ren

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Considering the cost evaluation and the stress analysis, a fuzzy satisfactory optimization (FSO) method has been developed for a hybrid composite flywheel. To evaluate the cost, the cost coefficients of the flywheel components are obtained through calculating the weighted sum of the scores of the material manufacturability, the structure character, and the material price. To express the satisfactory degree of the energy, the cost, and the mass, the satisfactory functions are proposed by using the decline function and introducing a satisfactory coefficient. To imply the different significance of the objectives, the object weight coefficients are defined. Based on the stress analysis of composite material, the circumferential and radial stresses are considered into the optimization formulation. The simulations of the FSO method with different weight coefficients and storage energy density optimization (SEDO) method of a flywheel are contrasted. The analysis results show that the FSO method can satisfy different requirements of the designer and the FSO method with suitable weight coefficients can replace the SEDO method.

Keywords: Flywheel energy storage, fuzzy, optimization, stress analysis.

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Authors: Phruksaphanrat B.

Abstract:

This research proposes a Preemptive Possibilistic Linear Programming (PPLP) approach for solving multiobjective Aggregate Production Planning (APP) problem with interval demand and imprecise unit price and related operating costs. The proposed approach attempts to maximize profit and minimize changes of workforce. It transforms the total profit objective that has imprecise information to three crisp objective functions, which are maximizing the most possible value of profit, minimizing the risk of obtaining the lower profit and maximizing the opportunity of obtaining the higher profit. The change of workforce level objective is also converted. Then, the problem is solved according to objective priorities. It is easier than simultaneously solve the multiobjective problem as performed in existing approach. Possible range of interval demand is also used to increase flexibility of obtaining the better production plan. A practical application of an electronic company is illustrated to show the effectiveness of the proposed model.

Keywords: Aggregate production planning, Fuzzy sets theory, Possibilistic linear programming, Preemptive priority

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Authors: Tao Shun, Xiao Xiangning, HadjSaid, N.

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In a liberalized electricity market, it is not surprising that different customers require different power quality (PQ) levels at different price. Power quality related to several power disturbances is described by many parameters, so how to define a comprehensive hierarchy evaluation system of power quality (PQCHES) has become a concerned issue. In this paper, based on four electromagnetic compatibility (EMC) levels, the numerical range of each power disturbance is divided into five grades (Grade I –Grade V), and the “barrel principle" of power quality is used for the assessment of overall PQ performance with only one grade indicator. A case study based on actual monitored data of PQ shows that the site PQ grade indicates the electromagnetic environment level and also expresses the characteristics of loads served by the site. The shortest plank principle of PQ barrel is an incentive mechanism, which can combine with the rewards/penalty mechanism (RPM) of consumed energy “on quality demand", to stimulate utilities to improve the overall PQ level and also stimulate end-user more “smart" under the infrastructure of future SmartGrid..

Keywords: Power quality, electromagnetic compatibility, SmartGrid, comprehensive evaluation, barrel principle, electricitymarket

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Authors: S. Boudali, A. M. Soliman, B. Abdulsalam, K. Ayed, D. E. Kerdal, S. Poncet

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This study investigates the potential of using crushed concrete as aggregates to produce green and sustainable concrete. Crushed concrete was sieved to powder fine recycled aggregate (PFRA) less than 80 µm and coarse recycled aggregates (CRA). Physical, mechanical, and microstructural properties for PFRA and CRA were evaluated. The effect of the additional rates of PFRA and CRA on strength development of recycled aggregate concrete (RAC) was investigated. Additionally, the characteristics of interfacial transition zone (ITZ) between cement paste and recycled aggregate were also examined. Results show that concrete mixtures made with 100% of CRA and 40% PFRA exhibited similar performance to that of the control mixture prepared with 100% natural aggregate (NA) and 40% natural pozzolan (NP). Moreover, concrete mixture incorporating recycled aggregate exhibited a slightly higher later compressive strength than that of the concrete with NA. This was confirmed by the very dense microstructure for concrete mixture incorporating recycled concrete aggregates compared to that of conventional concrete mixture.

Keywords: Compressive strength, recycled concrete aggregates, microstructure, interfacial transition zone, powder fine recycled aggregate.

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

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The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: Financial performance, human resource management, high performance working systems, person-environment fit.

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Authors: B. Marungsri, W. Onchantuek, A. Oonsivilai, T. Kulworawanichpong

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This paper presents the simulation results of electric field and potential distributions along surface of silicone rubber polymer insulators under clean and various contamination conditions with/without water droplets. Straight sheds insulator having leakage distance 290 mm was used in this study. Two type of contaminants, playwood dust and cement dust, have been studied the effect of contamination on the insulator surface. The objective of this work is to comparison the effect of contamination on potential and electric field distributions along the insulator surface when water droplets exist on the insulator surface. Finite element method (FEM) is adopted for this work. The simulation results show that contaminations have no effect on potential distribution along the insulator surface while electric field distributions are obviously depended on contamination conditions.

Keywords: electric field distribution, potential distribution, silicone rubber polymer insulator, finite element method

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Authors: Shigeaki Sakurai, Makino Kyoko, Shigeru Matsumoto

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This paper proposes a method that predicts attractive evaluation objects. In the learning phase, the method inductively acquires trend rules from complex sequential data. The data is composed of two types of data. One is numerical sequential data. Each evaluation object has respective numerical sequential data. The other is text sequential data. Each evaluation object is described in texts. The trend rules represent changes of numerical values related to evaluation objects. In the prediction phase, the method applies new text sequential data to the trend rules and evaluates which evaluation objects are attractive. This paper verifies the effect of the proposed method by using stock price sequences and news headline sequences. In these sequences, each stock brand corresponds to an evaluation object. This paper discusses validity of predicted attractive evaluation objects, the process time of each phase, and the possibility of application tasks.

Keywords: Trend rule, frequent pattern, numerical sequential data, text sequential data, evaluation object.

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Authors: Muh. Hisjam, Nancy Oktyajati, Wakhid A. Jauhari, Wahyudi Sutopo

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This research is intended to develop a raw material allocation model in timber processing industry in Perum Perhutani Unit I, Central Java, Indonesia. The model can be used to determine the quantity of allocation of timber between chain in the supply chain to select supplier considering factors that are log price and the distance. In determining the quantity of allocation of timber between chains in the supply chain, the model considers the optimal inventory in each chain. Whilst the optimal inventory is determined based on demand forecast, the capacity and safety stock. Problem solving allocation is conducted by developing linear programming model that aims to minimize the total cost of the purchase, transportation cost and storage costs at each chain. The results of numerical examples show that the proposed model can generate savings of the purchase cost of 20.84% and select suppliers with mileage closer.

Keywords: Allocation model, linear programming, purchase costs, storage costs, suppliers, transportation costs.

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Authors: Mojtaba Rezaei, Elham Heydari

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This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: Accounting information, market risk, systematic risk, efficient market hypothesis, EMH, Tehran Stock Exchange, TSE.

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Authors: Ornst J., Voracek J., Allouache A., Allouache D.

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Lack of resources for road infrastructure financing is a problem that currently affects not only eastern European economies but also many other countries especially in relation to the impact of global financial crisis. In this context, we are talking about the socalled short-investment problem as a result of long-term lack of investment resources. Based on an analysis of road infrastructure financing in the Czech Republic this article points out at weaknesses of current system and proposes a long-term planning methodology supported by system approach. Within this methodology and using created system dynamic model the article predicts the development of short-investment problem in the Country and in reaction on the downward trend of certain sources the article presents various scenarios resulting from the change of the structure of financial sources. In the discussion the article focuses more closely on the possibility of introduction of tax on vehicles instead of taxes with declining revenue streams and estimates its approximate price in relation to reaching various solutions of short-investment in time.

Keywords: Road financing, road infrastructure development, system dynamics

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Authors: Hamed Homaei, Iraj Mahdavi, Ali Tajdin

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One of the main concerns of miners is to increase the quality level of their products because the mining metals price depends on their quality level; however, increasing the quality level of these products has different costs at different levels of the supply chain. These costs usually increase after extractor level. This paper studies the coordination issue of a decentralized three-level supply chain with one supplier (extractor), one mineral processor and one manufacturer in which the increasing product quality level cost at the processor level is higher than the supplier and at the level of the manufacturer is more than the processor. We identify the optimal product quality level for each supply chain member by designing a revenue sharing contract. Finally, numerical examples show that the designed contract not only increases the final product quality level but also provides a win-win condition for all supply chain members and increases the whole supply chain profit.

Keywords: Three-stage supply chain, product quality improvement, channel coordination, revenue sharing.

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Authors: Arash Poordana, Reza Ziaie Moayed

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Calcareous sands are found most commonly in areas adjacent to crude oil and gas, and particularly around water. These types of soil have high compressibility due to high inter-granular porosity, irregularity, fragility, and especially crushing. Also, based on experience, it has been shown that the behavior of these types of soil is not similar to silica sand in loading. Since the destructive effects of cement on the environment are obvious, other alternatives such as bentonite are popular to be used. Bentonite has always been used commercially in civil engineering projects and according to its low hydraulic conductivity, it is used for landfills, cut-off walls, and nuclear wastelands. In the present study, unconfined compression tests in five ageing periods (1, 3, 7, 14, and 28 days) after mixing different percentages of bentonite (5%, 7.5% and 10%) with Bushehr calcareous sand were performed. The relative density considered for the specimens is 50%. Optimum water content was then added to each specimen accordingly (19%, 18.5%, and 17.5%). The sample preparation method was wet tamping and the specimens were compacted in five layers. It can be concluded from the results that as the bentonite content increases, the unconfined compression strength of the soil increases. Based on the obtained results, 3-day and 7-day ageing periods showed 30% and 50% increase in the shear strength of soil, respectively.

Keywords: Unconfined compression test, bentonite, bushehr calcareous sand.

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Authors: Salah Alrabeei, Mohammad Yousuf

Abstract:

The goal of option pricing theory is to help the investors to manage their money, enhance returns and control their financial future by theoretically valuing their options. However, most of the option pricing models have no analytical solution. Furthermore, not all the numerical methods are efficient to solve these models because they have nonsmoothing payoffs or discontinuous derivatives at the exercise price. In this paper, we solve the American option under jump diffusion models by using efficient time-dependent numerical methods. several techniques are integrated to reduced the overcome the computational complexity. Fast Fourier Transform (FFT) algorithm is used as a matrix-vector multiplication solver, which reduces the complexity from O(M2) into O(M logM). Partial fraction decomposition technique is applied to rational approximation schemes to overcome the complexity of inverting polynomial of matrices. The proposed method is easy to implement on serial or parallel versions. Numerical results are presented to prove the accuracy and efficiency of the proposed method.

Keywords: Integral differential equations, American options, jump–diffusion model, rational approximation.

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